According to Wikipedia, “State Employees’ Credit Union (SECU) is a state charteredcredit union headquartered inRaleigh, North Carolina regulated under the authority of the Credit Union Division of the NC Department of Commerce. SECU member deposits are insured byNational Credit Union Administration (NCUA) of the U.S. federal government. SECU is the second largest natural member credit union in the United States, both in asset size and in membership. As of March 2013, SECU has $26.5 billion in assets, 1.8 million members, and 242 branches.Membership in the credit union is limited to employees of the state of North Carolina and their families. State Employees’ Credit Union was originally incorporated on June 4, 1937 by employees of theState of North Carolina. The credit union began with $437 in assets and 17 members and was first operated from the basement of Raleigh’sAgriculture Building. By 1960, the credit union grew to serve over 70,000 members and had assets of almost $25 million”.
SECU has the largest credit union branch operation in America. Part of this strategy is what sets them apart and truly brings the credit union to the members. They have a long history of providing competitive lending products to consumers. Members are able to finance a variety of purchases including cars, trucks, RV’s, ATV’s, motorcycles, boats, and of course real estate.
From time-to-time State Employees Credit Union will have some loans default which result in credit union repo’s. SECU has been very proactive in expeditiously taking the repossessed vehicles and remarketing them back the members. SECU has found that when they sell these repos themselves locally, not only does it maximize recovery from losses, but it also gives the credit union another chance to secure financing on the same asset with a different borrower. Considering State Employee Credit Union repo’s are generally sold at a discount, this incentivizes buyers to purchase. SECU doesn’t published their repossession sales on their website like most credit unions, but they do keep current lists in any of their branches which can be emailed upon request.
For North Carolina car buyers who want to search for these credit union repo’s for sale they are listed on the State_Employees_Credit_Union repo list.
A lot of buyers find that buying a credit union repo is pretty straight forward and not unlike buying from any other private party seller. The credit union is an expert in purchase transactions and will ensure the process goes smoothly.
If you decide that you want to purchase a repo contact the credit union ASAP. Repossessed vehicles will sell fast. Be sure to do some research before you finalize your purchase so that you know exactly what you are buying.